According to what was announced in a press release yesterday, the software as a service (SaaS) giant for ecommerce, BigCommerce, has decided to start accepting payments in Bitcoin thanks to a partnership with Bitpay and Coinpayments.
Thanks to the integration of the platforms of the latter two companies, BigCommerce will thus be able to accept BTC and other cryptocurrencies in just a few clicks. We are actually not only talking about Bitcoin but also Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC), Litecoin (LTC), XRP (XRP) and 5 different stablecoins (BUSD, DAI, GUSD, USDC and USDP). To pay in crypto, BitPay withholds a 0.5% fee.
One of the biggest competitors, Shopify, had also decided earlier this year to start accepting cryptocurrencies.
BitPay is a company that helps process cryptocurrency payments and in total has handled over $5 billion so far, supporting over 100 different crypto wallets. To name a few, BitPay already works with companies on the level of Vueling, Shop.com, Apple Pay, Gucci and many more.
BigCommerce is a Nasdaq-listed company (BIGC) and boasts more than 115 thousand B2B and B2C merchants using its platform in 190 countries worldwide.
Marc Ostryniec, chief sales officer of BigCommerce, said:
“Expanding our crypto ecosystem to include trusted best-of-breed partners is just one step towards driving innovation and growth for our merchants. A new era of consumers are passionate about transacting using crypto, and we’re helping them do it. Merchants embracing this new technology can remain relevant and maintain a cutting edge as the world of payments continues to shift to digital currency.”
The benefits of accepting Bitcoin payments
According to BitCommerce’s statement, there are several advantages that e-commerce now has in accepting cryptocurrency payments, and thus also the pros that users have in using these methods.
For example, the very low fees. As mentioned BitPay, but also CoinPayments, retains only 0.5%, which is very competitive with other methods such as PayPal or credit cards.
In addition, thanks to blockchain there are fewer security risks and fraudulent activities, because transactions are not reversible.
Of course, this is also an innovative option and one that provides customers with more choice when it comes to choosing how to pay for their purchases.
In contrast, Kalin Kalinov, chief marketing officer of CoinPayments, said:
“Amidst an increase in demand worldwide for alternative payment solutions, our partnership with BigCommerce provides merchants of all sizes with a trusted, streamlined, and scalable solution to accept cryptocurrency payments. With an ever-increasing number of crypto holders worldwide, we look forward to teaming with BigCommerce to give their merchants a unique opportunity to reach new audiences and expand their business.”